Local Housing Market Poised to Rebound Sooner than Expected?
Our friends at the Greater Springfield Board of Realtors last week met with Federal Reserve Vice President Dr. Howard Wall, and the picture he paints for the near future in the greater Springfield market is cautiously optimistic for a nice rebound (and soon).
We all know that nationwide home sales and new construction have been down severely. Locally, our down period began later. And we in the Ozarks are hopeful that our reputation for being insulated from the extremes continues. That would mean we can expect this slowdown in the housing economy not to run as deep, or for as long a period of time, here as it has/will elsewhere.
In the residential construction industry, of course, the first thing that must happen before large numbers of homes can be built again, is for those on the market today to start selling more rapidly. KY3’s Cara Restelli reported last week on the possibility that our local housing market may have hit bottom, with a rebound on the way. In case you missed it, you can watch the news story below.